The Trustees of various Trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai today and unanimously decided to appoint Noel Naval Tata as the Chairman of Tata Trusts, with immediate effect. This follows the death of Ratan Tata on Thursday at the age of 86.
Speaking on this occasion, Noel Tata said “I am deeply honoured and humbled by the responsibility that has been cast on me by my fellow Trustees. I look forward to carrying on the legacy of Ratan N. Tata and the Founders of the Tata Group. Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building.”
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Executives who have closely worked with Ratan Tata in the past cite three reasons why Noel got the job. First, he has led Trent to profitability despite massive competition. Thus far in the calendar year 2024, the stock price of Trent has zoomed 172 per cent, pushing the market capitalisation of the company towards ₹3 lakh crore mark. Brands such as Zudio have disrupted the apparel retail market significantly. In an interview with businessline in 2022, Noel spelt out his vision. “I hope that Trent will play a leading role amongst retailers in India, a market that will one day be one of the largest retail markets in the world, and be seen by its customers and other stakeholders as one of the best retailers in India.” he said.
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Second, he stood by Ratan Tata during the spat with Cyrus Mistry, even giving his half-brother power of attorney to vote on his behalf. “ Noel had become part of Ratan’s inner circle in recent years. Even though Noel was married to Cyrus’s sister, he backed Ratan during those difficult days,” said a source.
Noel is now seen as someone who could restore the relationship with Tata Sons’ second-largest shareholder, the Shapoorji Pallonji Group, since he is married to that family.
Noel is the Chairman of Trent, Tata International Ltd, Voltas & Tata Investment Corporation and the Vice-Chairman of Tata Steel and Titan Company Ltd. Hae has been associated with the Tata group for 40 years. As the Managing Director of Tata International Limited, the 67-year-old businessman was pivotal in expanding the company’s revenue from $500 million to over $3 billion between 2010 and 2021. He is credited with transforming Trent from a single store in 1998 into a thriving chain of over 700 stores across India, including an online presence. Expecting India to be the biggest growth engine globally, Noel has established an aggressive expansion plan for Trent, including an accelerated store expansion programme across Westside, Zudio, and Star Markets.
His three children, Leah, Maya, and Neville, have recently taken active roles in the group’s businesses. His son, Neville Tata, joined Trent in 2016 and recently took charge of Star Bazaar. His eldest daughter, Leah Tata, currently serves as Vice President at Indian Hotels Company Limited, while his other daughter, Maya, is associated with Tata Capital.
Noel Tata graduated from Sussex University in the UK and later completed the International Executive Programme (IEP) from INSEAD, a leading global business school.